Sales of luxury home surge 37.8% in first nine months of 2024
Real Estate

Sales of luxury home surge 37.8% in first nine months of 2024

Sales of luxury homes priced at Rs 40 billion and above have seen 37.8% year-on-year growth during the January to September this year, according to a report by CBRE South Asia. Total sales of luxury homes during the first nine months of this year stood at 12,625 compared to 9,160 units during the same period last year. Anshuman Magazine, chairman and CEO of India, South-East Asia, Middle East & Africa, CBRE, said, "We also foresee heightened demand in the high-end and premium segments, with traditional mid-range markets like Noida, Bengaluru, Pune, and Chennai increasingly gravitating towards luxury developments. As the market shifts from bungalows to modern apartments and penthouses, the premiumization of amenities will be a key differentiator in luxury projects.” Delhi-NCR, Mumbai, and Hyderabad emerged as prominent markets, accounting for nearly 90% of the total luxury housing sales across the seven cities Delhi-NCR topped with sales of 5,855 units, a 72% year on year increase, followed by Mumbai at 3,820 units, recording 18% year on year growth. Hyderabad has seen sales of 1,540 luxury homes. Pune recorded a noteworthy increase in luxury sales activity, with 810 unit sales in the same period. Moreover, Kolkata saw 1.6-fold increase in luxury residential sales. The steady demand has encouraged developers to introduce new projects and additional phases, adding approximately 215,000 units to the market. Boosted by strong market dominance, Mumbai, Pune, and Hyderabad collectively accounted for 64% of the cumulative unit launches from Jan-Sep’24. The share of mid-range projects in total sales for the first nine months of 2024 was about 44%, followed by high-end and affordable projects. In the Jul-Sep’24 quarter, sales exceeded approximately 68,400 units, accompanied by over 62,000 new unit launches.The cumulative share of apartment launches for Mumbai, Pune, and Hyderabad stood at 65%. Similarly, the total share of sales for the same quarter attributed to Mumbai, Pune, and Bengaluru are also 65%. Mumbai topped the sales, holding a 32% share, followed by Pune with 18%, Bengaluru with 15%, and Delhi-NCR with 12%.

Sales of luxury homes priced at Rs 40 billion and above have seen 37.8% year-on-year growth during the January to September this year, according to a report by CBRE South Asia. Total sales of luxury homes during the first nine months of this year stood at 12,625 compared to 9,160 units during the same period last year. Anshuman Magazine, chairman and CEO of India, South-East Asia, Middle East & Africa, CBRE, said, We also foresee heightened demand in the high-end and premium segments, with traditional mid-range markets like Noida, Bengaluru, Pune, and Chennai increasingly gravitating towards luxury developments. As the market shifts from bungalows to modern apartments and penthouses, the premiumization of amenities will be a key differentiator in luxury projects.” Delhi-NCR, Mumbai, and Hyderabad emerged as prominent markets, accounting for nearly 90% of the total luxury housing sales across the seven cities Delhi-NCR topped with sales of 5,855 units, a 72% year on year increase, followed by Mumbai at 3,820 units, recording 18% year on year growth. Hyderabad has seen sales of 1,540 luxury homes. Pune recorded a noteworthy increase in luxury sales activity, with 810 unit sales in the same period. Moreover, Kolkata saw 1.6-fold increase in luxury residential sales. The steady demand has encouraged developers to introduce new projects and additional phases, adding approximately 215,000 units to the market. Boosted by strong market dominance, Mumbai, Pune, and Hyderabad collectively accounted for 64% of the cumulative unit launches from Jan-Sep’24. The share of mid-range projects in total sales for the first nine months of 2024 was about 44%, followed by high-end and affordable projects. In the Jul-Sep’24 quarter, sales exceeded approximately 68,400 units, accompanied by over 62,000 new unit launches.The cumulative share of apartment launches for Mumbai, Pune, and Hyderabad stood at 65%. Similarly, the total share of sales for the same quarter attributed to Mumbai, Pune, and Bengaluru are also 65%. Mumbai topped the sales, holding a 32% share, followed by Pune with 18%, Bengaluru with 15%, and Delhi-NCR with 12%.

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code